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Green Giraffe raised EUR 245 M mezzanine debt in 3 currencies on a 1.6 GW worldwide portfolio of onshore wind and solar assets in development, construction and operation
Green Giraffe advised Neoen, a leading French renewable energy producer, on raising a mezzanine debt financing for a 1.6 GW global portfolio of renewable onshore wind and solar projects. The portfolio consisted of 42 projects in France, Australia and emerging markets. The projects were either in final development stage, under construction or in operation. The mezzanine financing was closed in 3 cross-collateralized currency tranches (EUR, USD and AUD), with an aggregate equivalent commitment of EUR 245 M.
The financing closed on 14 December 2017 and was validated as a “green bond” following environmental, social and governance due diligence by Vigeo Eiris, a recognised independent expert. The bond has an attractive 20-year tenor and is provided at a holding company level dedicated to this financing, with no recourse to the parent company. It is then structurally subordinated to existing senior loans at the individual project level. The bondholders are AMP Capital, an international investment manager headquartered in Sydney, Australia.
The financing provides financial resources for Neoen’s diversified pipeline of projects around the world, without diluting Neoen’s share ownership in its plants, and adds high-quality renewable energy assets to AMP Capital’s infrastructure debt portfolio.
Neoen was also advised by De Pardieu Brocas Maffei (legal). AMP Capital was advised by Everoze (technical) and Watson Farley Williams (legal).
“The portfolio we are funding represents a unique business, by virtue of its scale, geographic and technological diversification as well as the expertise within Neoen underlying its development. France and Australia account for more than 80 per cent of the portfolio, representing robust, stable energy markets with transparent regulatory regimes and a history of support for renewable energy. We view the investment as offering robust and highly attractive risk-adjusted returns. We were delighted by the experience of working with Green Giraffe as Financial Advisor on this complex transaction, and we would like to sincerely thank them for their efforts to assist the transaction reaching financial close.”
Emma Haight-Cheng, AMP Capital Infrastructure Debt Partner
“The signing of this 245 million euro junior green bond is yet another achievement for Neoen and Green Giraffe. This is a unique project, with a large portfolio of assets and multiple currencies and geographies. Green Giraffe’s efficient and professional work throughout the process was key to closing such a complex transaction with highly attractive terms, notably the 20-year tenor.”
Charlie Canevet, Corporate Finance Director, Neoen